inflation targeting in brasil: shocks. backward-looking prices and imf conditionality

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539 INFLATION TARGETING IN BRAZIL: SHOCKS, BACKWARD-LOOKING PRICES, AND IMF CONDITIONALITY Joel Bogdanski Central Bank of Brazil Paulo Springer de Freitas Central Bank of Brazil Ilan Goldfajn Central Bank of Brazil Alexandre Antonio Tombini Central Bank of Brazil In mid-January 1999, Brazil abandoned its crawling exchange rate band. Surprisingly enough, the countrys economic performance in the aftermath of this episode was much better than expected, given the per- formance of other emerging market economies after a move toward float- ing. Despite the large devaluation of the domestic currency that followed the regime shift, gross domestic product grew 0.8 percent in 1999 and 4.5 percent in 2000. Consumer price inflation behaved much in line with the declining targets of 8 percent and 6 percent established in mid-1999. This paper examines the main factors that helped Brazil with- stand the negative effects of a change in the exchange rate regime and enabled the economy to recover rapidly, namely, the combination of fiscal restraint and a well-defined purpose for monetary policy. The following section describes the macroeconomic background that cul- minated in the currency devaluation, the volatile expectations envi- ronment that followed, and the evolution of monetary policy in the transition to inflation targeting. Section 2 then presents a stylized model that we use in our discussion of the transmission mechanism. Section 3 discusses the transmission mechanism, highlighting the main channels, the lag structure, and the exchange rate pass-through. These issues are presented with a prospective view of their evolution Inflation Targeting: Design, Performance, Challenges, edited by Norman Loayza and Raimundo Soto, Santiago, Chile. © 2002 Central Bank of Chile.

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